As part of its ongoing consolidation and focusing on so-called core business, the beleaguered Kinowelt Medien Group has offloaded its 7.7% stake in the Marburg-based media[netCom] AG by selling 622,222 shares at the current market price to three financial investors who had hitherto not held any shares in the video-on-demand operator.
Commenting on the transaction, media[netCom] declared that it was "very positive" about the outcome since Kinowelt's participation would no longer be a burden on trading in the company's shares and media[netCom] would now "successfully move on with its expansion strategy".
Although Kinowelt's shares rose by 20% during initial trading, one trader suggested that this divestment was just "a drop in the ocean".
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